29.11.17

AfDB Plans 25 Million Jobs For Youths

The President, African Development Bank Group, Dr. Akinwumi
Adesina, has launched the Presidential Youth Advisory Group, an
initiative that will create 25 million jobs.

PYAG, launched on the sidelines of the 6th EU-Africa Business Forum
in Abidjan, would provide insights and innovative solutions for job
creation for Africa’s youth as outlined in the Bank’s Jobs for Youth in
Africa Strategy.

The jobs for Youth in Africa initiative aims to benefit 50 million
youth over the next 10 years by equipping them with the right skills to
get decent and meaningful jobs.

“It is currently the largest effort going on for youth employment in Africa.

“This is a huge opportunity for Africa. If we fix the youth unemployment challenge, Africa will gain 10-20% annual growth.

“That means Africa’s GDP will grow by $500 bn per year for the next 30 years.’’

He said Africa’s per capita income would rise by 55 per cent every year to the year 2050.

Adesina, who identified Africa’s greatest asset as its youth,
observed that out of the 13 million youths that enter the labour market
each year, only 3 million (about 33% of African youth) are in wage
employment.

The rest, he said were underemployed or in vulnerable employment.

“The annual gap of more than 8 million jobs is going to worsen,
with the number of youth expected to double to more than 800 million in
the next decades.

“Africa has an unemployment crisis among its youth,” he stressed.

He noted that unless employment opportunities are created for them,
Africa’s rapidly growing population of youths can give rise to serious
social, economic, political and security challenges.

Africa’s youths, though strong and dynamic, cross the desert or the
Mediterranean Sea because they do not find decent jobs in Africa.

“Graduates are wandering in the streets, jobless. The low level
of employment opportunities is also fueling violence and extremism in
Africa.

“Forty per cent of African youths engaged in armed violence
join gangs or terrorist groups because of limited opportunities in their
countries,” Adesina said.

“Sixty-six million African youths earn less than $2 a day, less than the price of a hamburger,” the Bank President emphasized.